The pricing performance of Polkadot is strongly associated with its present ecosystem milestones. CoinMarketCap data shows that DOT is currently trading at a spot price of $6.42, up 3.77% over the last 24 hours. According to the forecast, the 11th largest cryptocurrency by market cap is trimming the slight losses it accumulated during the previous week.
The Polkadot protocol and Bill Laboon recently presented several noteworthy achievements to keep an eye on in all areas of the ecosystem. While Kagome 0.9.0, a DOT Host implementation built in C++, was released, Laboon also highlighted the ongoing adoption of additional systems to serve users of the core protocol.
Many para chains within the DOT network have also shown outstanding integration recently. While Astar Network was the first para chain to support EVM and WASM VM Smart Contracts, Acala Network recently launched the cross-chain token library tokens enabling cross-chain token transfer functionality.
The DOT protocol’s future is brightening as more Parachains achieve massive agreements to expand the protocol’s overall use case.
A setback in Polkadot
The Polkadot ecosystem is experiencing more than enough good news, but one important governance mechanism put forth some time ago is currently facing opposition. Referendum 112 asks that the 297 validators in the active set be immediately increased to 500 validators.
With only 26% of the votes cast in favor and around 19 days left to vote, the initiative is failing. Although it is generally accepted that a protocol is more secure the more validators it has, ecosystem members appear to be anticipating friction, which accounts for the current lack of support given to the idea.
Nothing will change if the referendum fails, but it will demonstrate the capabilities of the Polkadot governance ecosystem.
This increase can be ascribed to the development team at Polkadot’s recent introduction of several new features and upgrades to the ecosystem. A new para chain has been launched, a new bridge has been built to connect Polkadot and the Binance Smart Chain, and several new DeFi applications have been incorporated into the ecosystem.